Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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sle's rns of 24 march, 2023:
" the board notes that eroton is in the nigerian law courts challenging the matter [it's operatorship] and expects the case to be resolved shortly."
only 6 months have elapsed since and no information whatsoever. words like
curious wording. if eroton were the de facto continuing operator, then the rns should have said it is seeking confirmation in the court, not 'challenging' the existing situation.
then again words like 'shortly', 'imminent', 'near term' have a different meaning in the san leon lexicon than the rest of us understand.
bet the ****tails in dubai are delicious.
It has been in a coma almost as long Michael Schumacher.
Does no one want to pronounce it dead ?
Facts dear boy. Look at the 10-year share graph?
Eroton announced in March they were "approaching" the Nigerian Courts, whatever that means- why haven't shareholders been updated about this litigation?
Ejembi Eko has described the Nigerian judicial system as riddled with corruption - he should know he was a Nigerian Supreme Court Judge, trouble is Western-backed companies can't go down that road due to tough extra-jurisdictional anti-bribery laws.
Do you really think this is going to be resolved in favour of Ereton any time soon?
I take no joy saying any of this, I am one of those who lost money in San Leon when they were bubbling over with excitement about their previous exploration projests which proved to be empty promises, those lessons are painfully learned.
Of course you seem to to forget that like you guys nick leeson was a fraudster. as ever BS you fail to address my points and focus on the hominem, so no change there.
Nickleeson9 - I like the name however apologies for Alarics reply he has been under a lot of stress lately as his imaginary world has been collapsing of late.
Eroton are still operator of OML18 and if you think for one moment NNPC and their utterly corrupt cronies are going to take over then you're an even bigger fool than you first appear. do you really imagine that Martin Hughes would take his already massive holding in San Leon up, if he thought that Eroton was going to lose control of this licence? if you do, then you're a troglodyte.
Apologies for sounding thick but didn't San Leon's investment go down the plug-hole when NNPC sent armed guards to seize the OML field off San's partner Eroton. Has there been an update I missed about Eroton being restored to operatorship and NNPC crawling back under the rock from where they came? if not why would anyone lend money in such circumstances?
Ref latest RNS - A new cherry on the cake? - "The Company is in discussions with Midwestern on whether a potential revision to the Proposed Transactions can be agreed to allow completion to occur whilst the New Eroton Debt Facilities and the Sahara OML 18 Acquisition continue to be delayed"
Did SLE take the Tosca partial financing of $5Mio or not - strangely less wordy RNS than usual with an attempt at clarity not quite Fanning's style, did Fanning actually write it or not - Nah of course he did!
Or typically Black Swan
Poors - No it's the 7 Sept - it would seem Eli or San Leon still hasn't formalised the MM financing as indications are that San Leon is still in the market for a more suitable financial source - an RNS is needed when Eil concludes the financing and pipe line construction is recommenced - this is getting all wordy, wordy typical of Fanning!
Will be end of september now but we will be rewarded for the wait
RD - Focus up - Ref the latest RNS states that SLE period of exclusivity to purchase Eli shares on the same terms as the previouse agreed recent purchase expires at the end of August 2023 - that is the point to focus on - repayment to Tosca of the $5,00 Mio has to be repaid by 7 Sept 2023 which as you point out could be covered in the worst case by formally accepting the MM Holding agreement which is valid to end of 2023.
The 50 loan facility is already in place, and can be drawn apon up until the end of the year... So there is no danger of SLE missing the repayment to Tosca, and forclosing on the title to Eli.
. As is well known, and stated in the last few RNS, San are pursuing an alternative loan facility at better terms elsewhere, while still keeping the 50 facility open...
. Why are people trying to make a drama out of this situation.... It has already been fully explained.
CD - exactly - we need an RNS now!
"conditional upon the ability of San Leon ability to successfully source/select a $50mio loan facility from a suitable supplier before the end of August 2023"
Ouch. That's a hell of a caveat. Particularly as we're at 24th August.
Correction - ELI loss end 2021 should be $10.5Mio not $1.5Mio.Thanks.
Tosca Fund Managers loan San Leon $5.0Mio, repayment to be made by no later than 7 Sept 2023.
San Leon $5.0Mio loan to Eli to enables them to immediately pay the oil pipeline contractor, who has already taken action against them in the Maltese courts, for unpaid stage payments that they have accrued in the construction of the ACOES pipeline. The loan to Eli is for 4 years and is repayable quarterly following a one-year moratorium.
Further it has been agreed with Eli that San Leon has the exclusive option to make further loans to Eli of up to $37.00Mio until the end of August 2023.The decision as to whether to make the further loans or not are conditional upon the ability of San Leon ability to successfully source/select a $50mio loan facility from a suitable supplier before the end of August 2023.
Sources of future financing – $ 50.00Mio – MM Capital Holdings financing is available till the end of 2023 but we are informed that San Leon are searching for a financial entity that can offer larger financing capabilities including direct equity investment.
SLE since 15 February 2022 all loan repayments from Eli to San Leon have been waived but interest has continued to accrue on outstanding balances. Eli accounts for year ended 31 Dec 2021 state the company made a loss before tax of $1.5Mio on total assets of $226.0Mio
The ACOES pipeline is still expected to be completed by the second half of 2023.
AF - good analogy - I can guess who the White Queen might be and we could postulate that actually the "looking glass" represents Fanning himself in the current situation we have been facing in Nigeria.
Raspberry jam?
Yes, in this perfect financial storm, 5m USD is only kicking the legal can down the road. I'm guessing it's a sop to avoid for the time being legal sanction for publication of notification to creditors et al of the wind up petition. The only 2 ways I saw out of this sorry mess was execution of the Afreximbank loan or NNPCL taking over the Acoes project. The first has to be dead duck (unless the bank eschews sanity) and the second remote but could make sense in time.
It is the fictishus charectur samalarik that fur years and years has bin tellin shareholders (shortly before it turnin into a snake again) that the rule in this looking-glass world is ‘jam tomorrow and jam yesterday – but never jam today’:
jam tomorrow is used to describe a situation where things are always promised but never materialise. It’s fair enough saying ‘no jam today, but jam tomorrow’, but then when the next day arrives, you cannot excuse away the lack of jam with the argument that ‘today is today, and the rule says no jam “today”’.
https://interestingliterature.com/2021/09/jam-tomorrow-yesterday-but-never-jam-today-
CJ - thenigerianlawyer.com - good find - $5 Mio isn't even going to touch the sides with this one - sad about Alaric he seems to be our own version of Joe Biden given his confusion and inability to distinguish between what he posts and what is actually going on here!
I am considering starting a post asking the board for strategies as to how San Leon could withdraw completely from what is turning out to be a total ongoing fiasco in Nigeria - one opportunity for such action could be if/when Fanning fails to raise the necessary funds from parties he has been claiming he has access to for nearly 2 years now and his attempt to perform cartwheels over how to continue to pour money into OML18/Eli and he as a consequence goes into default and the Tosca Funds close the loan and execute their stringent loan collateral agreements it might just give Tosca the opportunity he might be looking for to be rid of this particular black hole Fanning has dragged us into.
The problem on boards like these when there's not much newsflow, is that we tend to attract meaningless chatter from the usual parakeets. the sad thing for them as they pathetically attempt to denigrate san leon is that they appear to have forgotten that we're currently suspended, so they have zilch impact on the market for this stock which reads this board. they also seem to have overlooked the recent most positive rns about our increasing equity stake in the pipeline and what looks our intention to become the majority shareholder in this. this is going to be a valuable revenue generator for us. so when we come out of suspension it's going to be a very different story and of course then it's a real market not a fantasy one for parakeets :-)
Https://thenigerialawyer.com/20m-judgment-debt-court-adjourns-suit-seeking-to-wind-up-eroton-exploration-to-july-20/
Hence the urgency of the Tosca loan.